Credit Card Applications

When it comes to the time for applying for a credit card it is submitting a credit card application which becomes the most dreaded part of the process. Today however, with the use of internet based applications being implemented by most major companies, it doesn’t just save time, it proves good for the environment as no paper is being used.

If you have decided to apply for a credit card then whether the application is going to be paper based or completed and submitted online then I cannot stress the importance of being completely honest in any credit card application.

Be entirely honest and this will reduce the risk of being turned down. If you have not been completely truthful about one element of the application process then will show up and most likely lead to the credit card application being refused.

What information to lenders require?

With any credit card application the information which a company asks for is usually the same across the market and this may vary slightly but when submitting an application, always have the following information to hand:

• Employment details. Most lenders won’t approve a credit card application without the individual being in at least part time employment but some may deal with individuals on job seekers allowance, however this will be unlikely
• Incomings and outgoings. To compare the lending amount to household income ratio, you will need include exactly what your household income is and what your outgoings are so it can be calculated what your limit will be. In some cases, lenders may decide to ask for proof of income but this only usually occurs if you are in part time work or even unemployed. A payslip or proof of job seekers / housing benefit should suffice.
• Personal details. This may seem obvious but all companies will ask for addresses (3 years worth or more) and other points such as date of birth, place of birth and any middle names you may have
• Bad credit or not. This is vital to any credit card application and most companies will list a number of points for the acceptance criteria before an individual commences with an application and in most cases, a good credit rating along with being over 18 and a UK resident is essential

By supplying all of the above information and most importantly by being honest, you are less likely to be turned down with a credit card application because the slightest inconsistency could mean that your application is definitely refused.

If you are unsure as to the status of your credit rating then it is important to investigate this wherever possible and for your report, visit www.equifax.co.uk for more details.

By doing this, it can save a lot of time later and if you are going to be refused then before submitting any application and risking your rating even further (any application which is turned down will be recorded on this report), it does save time completing credit card applications when you are not going to be accepted.

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